The members of Czech Insurance Association (CAP) announced that during last year they inspected a total of 9,362 suspicious insurance caim files, 14% more y-o-y, detecting insurance fraud in total amount of CZK 1.23 billion (~EUR 48 million) , 8.7% more y-o-y.
CAP - The Czech Insurance Association announced in a statement the renewed structure of its highest body. As it does every two years, the assembly of association elected the nine members of its Presidium.
The insurance market of Czech Republic ended the first 9 months of the year with GWP of CZK 126.5 billion (EUR 4.6 billion), up by 1.44% y-o-y, according to the figures published by the Czech National Bank (CNB).
Czech insurers ended the first half of 2020 with GWP worth EUR 3.16 billion. Which is 4.29% less y-o-y, the Central Bank's statistics show. However, in local currency, the rate growth remained slightly positive, of about 0.6% y-o-y. In fact, the overall negative trend was mainly driven by the life insurance segment which saw a 16.8% decline in GWP, thus losing about 5p.p. of its weight in the market portfolio.
The Czech National Bank Q1 2020 figures show that at the end of March 2020 the local insurance industry totaled about CZK 45.39 billion (~EUR 1.66 billion), up by 8.62% y-o-y.
Miroslav SINGER, Director of Institutional Affairs & CEE Chief Economist at GENERALI Holding CEE, was officially appointed as a member of the Czech government's National Economic Council (NERV) established on April 9 to tackle the impacts of the coronavirus crisis on economy.
The impact of the coronavirus pandemic dramatically changes the current outlooks for the global and Czech economy. Thus, for its March monetary policy meeting, the CNB Bank Board had at its disposal an extraordinary internal update of the macroeconomic forecast, which served as a basis for its last decisions.
Czech insurers, members of the Czech Insurance Association (CAP), examined a total of 8,474 suspicious claims in 2019, thus detecting insurance frauds amounting to CZK 1.133 billion (~EUR 41.4 million), which is double as compared with the year 2010 (CZK 624 million), CAP stated.
The Czech National Bank - CNB most recent figures show that at the end of 2019 the local insurance industry totaled about CZK 165.92 billion (~EUR 6.53 billion), up by 6.63% y-o-y.
According to FY2019 preliminary data reported by Czech Insurance Association - CAP, the local insurance market increased by 5.68% y-o-y to CZK 136.72 billion (~EUR 5.38 billion). The 27 insurers members of CAP represent roughly 98% of total GWP generated by local market.
According to the most recent figures available on the Czech National Bank (CNB) website, the local insurance industry totaled about CZK 124.45 billion (~EUR 4.82 billion) at the end of September 2019, up by 5.86% y-o-y.
In September, the Czech National Bank (CNB) completed this year's round of supervisory stress tests of banks and insurance companies. The tests used data as of the end of 2018. "Their results demonstrated that the two sectors are still prepared to withstand a deterioration in economic conditions", as CNB affirmed in a statement.
The Czech Republic insurance maket reported a nine months growth rate in premiums of 5.64% y-o-y to CZK 102.86 billion (or EUR 3.98 billion), according to the end-September 2019 market statistics published on the local professional association website.
According to Czech Insurers' Bureau (CKP), in the past years the MTPL tarrifs started to rise slightly, thus, in 2019, according CKP figures, the average premium is CZK 2,969 (~EUR 115), representing an increase of about 4.1% y-o-y, while the average damage related to property claims increased by 6.9%.
On October 15, 2019, the international rating agency Standard & Poor's confirmed its long-term public issuer credit rating of "A+" and financial strength rating of "A+" with stable outlook for VIG RE zajistovna, a.s., affirming the same rating VIG Re has enjoyed since its founding in 2008.
Czech National Bank (CNB) established a new Supervision Department for Insurance Companies and Pension Companies, as part of the Financial Market Supervision Department, which splits from the Prudential Supervision Department, starting October 1st, 2019.
The H1 results provided by the Czech National Bank show a positive market dynamic, with overall GWP increasing by 9.14%, to EUR 3.3 billion.
Ceska pojist'ovna, the Czech insurance market leader of 2018, announced the decision to merge with the Czech branch of Generali, the unification of the two companies creating the largest local insurer in terms of total market share.
According to the most recent figures available on the CNB website (Czech National Bank), the local insurance industry totaled about CZK 41.8 billion (~EUR 1.6 billion) at the end of March 2019, down by 4.2% y-o-y.